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ecretary General, Revenue Division/Chairman Federal Board of Revenue Mr. M. Abdullah Yusuf has called upon the businessmen, traders and industrialists to take full advantage of the newly announced amnesty scheme "Tax Investment Scheme 2008" for legalisation of their hidden assets by paying just 2% tax.
Speaking at a ceremony held in connection with formal launching of the scheme at the Islamabad Chamber of Commerce & Industy last evening, the Chairman said that the scheme is applicable for both registered and un-registered persons. On a query regarding ascertaining of the value of the hidden / undeclared assets, the Chairman said that it would be accepted on the basis of "fair market value of the assets as declared by you."
He told the ICCI members that if any one declares assets of greater value, he can take its advantage from the banks for further promotion of his business. FBR Chairman said that the amnesty scheme was a major initiative of the present Government and the business community needs to respond it in a big way. He was confident that the Islamabad Chamber, being a proposer of this scheme and a model chamber, would take lead and show 100% compliance.
Stressing on the enhancement of tax-to-GDP ratio, the Chairman underlined that we need to raise the existing ratio of 11% to 15%. Had it been the 15% tax-to-GDP ratio today, the revenue collection for the year 2007-08 would have reached to Rs. 1.4 trillion. In his opinion, there was a gap of Rs. 400 billion in revenue collection due to lower tax-to-GDP ratio.
Referring to the opportunities available in the country and the challenges faced by the business Community, the Chairman hoped that they will take all advantage of the opportunities and help to improve revenue collection and expand tax base.
On the occasion, Mr. Abdullah Yusuf also referred to the recently announced "Tax Arrears Settlement Incentive Scheme (TASIS)' of the Government which allowed the taxpayers to settle their tax arrears, including additional tax and penalty for non-payment. He hoped that the taxpayers would also take benefit of this scheme and pay their outstanding due without any penalty within the specified period.
Earlier, in his welcome address Mr. M. Muhammad Ijaz Abbasi, President of ICCI, congratulated FBR Chairman, Mr. M. Abdullah Yusuf and members of his team, for crossing the psychological barrier of Rs. One trillion in revenue collection. "This is an outstanding performance. Credit goes to Mr. Abdullah Yusuf and all of his team members," he added. He also thanked the Chairman for accepting their proposal of the amnesty scheme.
FBR's Member (DT), Mr. Usman Khalid Mirza was also present on the occasion.